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Watermark Communities Plans 11 High-Rise Projects Valued at $1 Bil

BONITA SPRINGS, FL-With supreme confidence in the market, the luxury-condominium developer expects to presell about half of the 840 proposed units by this summer and then begin construction on one of the single largest shelter projects proposed in Florida.

By David R. Corder | Updated on January 11, 2001

BONITA SPRINGS, FL-In one of the single largest construction projects proposed in the state, locally based Watermark Communities Inc. plans to build 11 luxury high-rise residential buildings valued at more than $1 billion over the next 18 months along Florida’s west and east coasts. Bonita Springs is 150 miles northwest of Downtown Miami.

Depending on individual market demand, the company expects to begin construction on most of the projects this summer. “We have over 20 towers under way, just finished or about to start construction,” George Page, Watermark senior vice president, tells GlobeSt.com. “Of these new buildings, we expect sales at nine of the 11, at the least, to be doing well enough to start in the second half of this year.” Two of the 11 structures could start in the summer or early fall of 2002.

The privately owned Bonita Springs company is proposing developments in its headquarters community, Marco Island, Naples and Sarasota in southwest Florida; and Palm Coast, Jupiter, West Palm Beach, Aventura and Coral Gables along the East Coast. “I don’t know of anyone doing the shear volume that we’re doing,” Page says.

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